FAR - FASB - Role & Standard Setting Process - Financial Accounting Standards Codification Flashcards
1
Q
What is the reason for the FASB Accounting Standards Codification?
A
To put all accounting guidance in one place.
2
Q
What are the major areas in the FASB Accounting Standards Codification?
A
General principles 100; Presentation 200; Assets 300; Liabilities 400; Equity 500; Revenue 600; Expenses 700; Broad Transactions 800; Industry 900.
3
Q
What is the highest structure of the FASB Accounting Standards Codification?
A
The highest structure is areas.
4
Q
How are changes to the FASB Accounting Standards Codification accomplished?
A
Accounting Standards Updates (ASU)
5
Q
What is the lowest structure of the FASB Accounting Standards Codification?
A
Paragraphs.
